In a press conference dated May 13, 2020, the Indian Finance Minister, Nirmala Sitharaman, has announced the new deadline for Income Tax Return (ITR) for 2019-20.
It is a part of the economic stimulation package offered by central government amid COVID-19 outbreak. Finance Minister recently announced the extended due date for the procedure of getting Form-16 till June 30, 2020.
New Date for ITR 2020 Form Filing
The date for Income Tax Return Filing has been extended to November 30, 2020. The finance minister said:
“The due date of the income tax return for FY 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit from 30th September 2020 to 31st October 2020”.
The relaxation was much needed during the pandemic where the nation is suffering from economic crisis.
According to the latest announcement, the date for assessment has also been shifted to December 31, 2020.
The period for the payment of Vivad Se Vishwas Scheme has also been extended to December 31, 2020 in order to offer some relief to the middle class families.
Late Fee and Penalty for ITR 2020
On the off chance that someone misses the ITR Filing deadline of November 30, they can file the same till December 31, 2020 without any extra charges or penalties.
In case people fail to make the payment by this date as well, they will attract a half penalty. People, whose income is below the taxable limit, do not need to pay any late fee at all.
However, people with the gross income between Rs 2.5 Lakh and Rs 5 lakh would have to pay a maximum amount of Rs 1,000 as the late fee.